Galaxy Digital CEO Sees Bitcoin Rising Tenfold

Mike Novogratz, CEO of Galaxy Digital, has expressed his belief that Bitcoin has the potential to increase tenfold and match the market capitalization of gold. He bases this conviction on the growing institutional adoption of Bitcoin and its strictly limited supply of 21 million units. Novogratz views Bitcoin as a macro asset on par with gold or the euro, and his company holds over 12,800 BTC, with investments in mining and crypto protocols.

Novogratz's optimism is not without caution. He acknowledges the potential for shocks and volatility in the market, citing the melting dollar and faltering politics as factors that could impact Bitcoin's trajectory. Despite these risks, he remains confident in Bitcoin's long-term prospects, especially with continued adoption.

Novogratz is not alone in his bullish stance on Bitcoin. Other prominent figures, such as Michael Saylor of MicroStrategy and Cathie Wood, have made similarly optimistic predictions about Bitcoin's future value. These individuals manage billions of dollars and have proven track records in the financial industry. Their arguments are based on macro data, including dedollarization, financial instability, and the flight to alternative assets.

However, it is important to consider whether their enthusiasm is strategic lucidity or merely confirmation bias. When fully exposed to Bitcoin, it is natural to believe in its potential. Dreaming big can also be a form of self-persuasion. But when so many influential voices converge on a similar prediction, it is difficult to dismiss their arguments outright.

Novogratz has previously acknowledged the challenges faced by the crypto industry, including fraudulent and poorly managed projects that have eroded trust. However, he remains convinced that the industry will strengthen after this purge. Today, he sees better signals, including a falling dollar, reorganizing funds, and Bitcoin holding above $100,000. He believes that scarcity is tightening, with more than 12,800 BTC currently held by Galaxy Digital and 3% of the total supply in the hands of institutional funds.

While dreaming of Bitcoin's potential is not forbidden, it is essential to keep a clear mind. Every additional Bitcoin attracts new attention, and every additional dollar weighs heavier. It is up to each individual to read the picture or paint their own trajectory. Some may aim for the stars, while others may calculate the orbit. In this second group, the Bernstein house keeps a cool head, announcing a more modest target that could be the most lucid prediction in times of great rallies.